Press releases, Reports & Disclosures for Takaful Emarat (PSC)

On April 9, 2024, Takaful Emarat Insurance PSC announced the resignation of Mr. Omar Al Romaithi, an independent, non-executive board member, due to personal reasons. The resignation was accepted and became effective on the same date. The announcement was authorized by Mohammed Abu Quora, the Chief Executive Officer, and was signed and sealed on April 9, 2024.

Takaful Emarat Insurance PSC has scheduled a board meeting on Wednesday, 04 September 2024, at 3:00 PM via MS Teams. The agenda includes the approval of a new Board member, the appointment of the Board Chairperson, and discussion of business updates and other matters. The notice is signed by Mohammed Abu Quora, Chief Executive Officer, on 30 August 2024.

On August 14, 2024, Takaful Emarat Insurance PSC announced the resignation of Ms. Fatma Hussain, an independent and non-executive board member, effective from August 13, 2024. The resignation was due to personal reasons. The announcement was authorized by Mohammed Abu Quora, the Chief Executive Officer, and was signed and dated on August 14, 2024.

On 13 August 2024, the Board approved two matters by circulation: the appointment of Dr. Noor Aldeen Atatreh to fill a vacant Board position, pending approval from the Central Bank of UAE and ratification at the next General Assembly meeting, and the approval of the company's unaudited interim condensed consolidated financial statements for the second quarter and the six months ending 30 June 2024.

On August 9, 2024, a disclosure was made regarding a board meeting for Takaful Emarat Insurance PSC, scheduled for Tuesday, August 13, 2024, at 12:30 PM via MS Teams. The agenda includes the approval of a new Board member to replace Mr. Saeed Al Sharid, the review and approval of the company's unaudited interim condensed consolidated financial statements for the second quarter and the six months ending June 30, 2024, and a discussion on business updates. The disclosure was signed by Mohammed Abu Quora, the Chief Executive Officer, on August 9, 2024, and includes the company’s seal.

On June 14, 2024, Takaful Emarat Insurance PJSC held its Annual General Assembly meeting both physically at Al Moosa Tower 2, Dubai, and electronically. The following resolutions were made: 1. Approval of the Board of Directors' report on the company's activities and financial position for the year ending December 31, 2023. 2. Approval of the Auditor’s Report for the year ending December 31, 2023. 3. Approval of the Internal Shariah Supervisory Board’s Report for the year ending December 31, 2023. 4. Approval of the company’s balance sheet and profit and loss account for the year ending December 31, 2023. 5. Approval of the appointment of the members of the Internal Shariah Supervisory Committee.

Takaful Emarat – Insurance PSC announced strategic measures to enhance its financial position and ensure long-term stability. The Board of Directors has recommended a special resolution for the upcoming AGM on June 14, 2024, seeking shareholder approval to increase the company's share capital. Despite recent financial challenges, the company has performed well under new management, which restructured the executive team and gained shareholder approval for a capital increase of AED 125 million to offset accumulated losses. In Q1 2024, the company achieved 79% growth in Takaful revenues, reaching AED 84 million. The Board also proposed an additional capital increase of AED 60 million to be voted on at the AGM, bringing the total capital increase to AED 185 million, aimed at supporting business expansion.